Update curtiousy of Edward Morra
Here is an interesting similarity on daily, that happened around the same level under a pretty similar conditions:
- First, big bearish candle
- Followed by green candle
Both happened after a big bearish movement with strong momentum and stalled around the same demand area. Last time, that daily couldn't engulfed previous red day which resulted in another sell off further down.
What to look for this time? Let's see if today candle can close above previous day close, that will make things more clear. While HTF trend is still clearly down, a daily engulfing will signal a short term reversal rally (also note that selling volume is decreasing significantly which is bullish
